With an objective to tighten security on digital payments, RBI has recently issued a new set of rules which are imposed on the lenders, however, the customers are surely going to be affected by it.
RBI has directed the commercial banks, payment banks, small finance banks, and card issuing non-banking lenders to adopt stringent measures for digital payments. Guidelines to be strictly followed by these banking entities were specified in the notice issued. It has set down various security protocols to be adopted in internet banking.
The lenders have been directed to have a board-approved policy in place and conduct regular audits. In order to provide a secure experience to the customers, vulnerability testing of all the banks and non-banking entities will be made mandatory. This will also make sure that the grievance redressal is made quicker than before.